David Calfo, former head of Fidelity UK defined contribution business, has set up Provizion, strategic advisory firm to advise asset managers. The new company focuses on the establishment of retail investment and corporate pensions businesses across Europe.
Calfo describes the two main components of the business: “One is the strategy development side which is assisting asset managers with their market entry strategy, whether it is entering a new market within an existing geographic market, or investing in a new geographic market,” he says.
“It is not so much about investment products. It is more about setting up the operating infrastructure to support businesses,” he says.
Provizion not only advises asset managers but also assists local providers. “Some local markets are immature when it comes to both mutual funds and defined contribution plans, so we help them get working with the client, trying to figure out an optimal arrangement,” he says.
The other main objective of Provizion is the development of a global IT platform that meets all the different markets requirements.
“If you ask asset managers about the biggest problem they face when investing in new markets, they always comment on the need for the right technology to support their businesses,” Calfo says.
“We are working with a global software development organisation in creating a global platform to deal with different markets, currencies and languages. Our idea is to come out with a global solution, but it will take a few years before is fully developed and available in the market,” he concludes.